The annual gross revenue of UAE casinos could reach between $3 billion and $5 billion, according to Morgan Stanley
While the bank did not specify the number of casinos needed to achieve these financial results, the estimate appears realistic. Other research firms have previously projected that Wynn Al Marjan Island could potentially generate $1.4 billion (about 131 billion rubles) in annual revenue, which would account for nearly half of the expected profit figures. The resort is slated to open in early 2027.
UAE regulators have yet to officially approve gambling, but Wynn Resorts is already in the process of constructing a resort that could potentially house the country's first casino. Recently, MGM Resorts International also announced its intention to seek a gaming license in Abu Dhabi.
Morgan Stanley believes that casino projects in the UAE offer demand drivers similar to those in Singapore, suggesting a higher return on invested capital. The firm also noted that as the regulatory process for the gaming industry progresses, the number of approved resorts may increase. This view is echoed by MGM CEO Bill Hornbuckle, who stated last year that there could be up to four gaming establishments in the UAE.
According to Morgan Stanley's forecast, the majority of foreign casino visitors to the UAE are likely to come from European and South Asian countries. Regarding competition, particularly with Singapore, analysts do not believe that UAE resorts will significantly draw audiences away from nearby establishments.
In related news, Wynn Resorts has invited potential investors to visit the construction site of its casino resort in the United Arab Emirates.
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